In today's digital world, our personal information, from identification documents such as address proof/ birth certificate to sensitive data such as social security numbers and educational credentials, is being increasingly stored on the internet. While this offers quick access and convenience, it also exposes us to growing risks.
Centralized authority-based identity management systems, popular at present, leave the user vulnerable to invasion of privacy, security breaches, and loss of control over personal data.
Blockchain technology in relation to Self-Sovereign Identity (SSI) and Verifiable Credentials (VCs) promises something new, which speaks of the future of privacy, security, and having control over one's personal data.[1]
This white paper addresses the vulnerabilities of legacy identity management systems, presents benefits offered by SSI, and discusses how blockchain-based solutions might usher in a secure and trusted digital world by becoming the catalyst for a decentralized, user-centric approach to digital identity.